The Siemens saga goes from bad to worse. Already under investigation in Germany and by the US Securities and Exchange Commission (SEC) and Department of Justice, the company has been hit with charges of bribing politicians in Greece. this involves the contracts including the big one for installing the expensive security system for the 2004 Athens Olympics.
Naturally, it's causing massive political upheaval in Greece. Just another sign that when companies are caught bribing, the fallout is extensive and doesn't just stop at the doors of the business.
Meanwhile, a Siemens board member has been charged in Germany over plans to use bribes to win support from labor leaders. The company itself is also expected to cut more than 17,000 jobs, or about 4 percent of its global work force.
Not a good time to be there. The nightmare continues.
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